Industrial Internet of Things (IIoT) is seen as the next big wave of cloud applications, as more industries around the world are looking to tap into the benefits of IIoT. This trend is seen not just in developed countries, but also in emerging markets like India. To service this sector, GE Cloud, in partnership with EY, is all set to make a foray into the Indian market.
This partnership between EY and GE Cloud was launched globally in May, to collect data from industrial machines with an aim to provide the right analytics for asset performance management (APM) and optimization of business operations. This software, called Predix, is offered as a cloud-based Platform as a Service (PaaS) for industrial applications.
Built on an open source platform called Cloud Foundry, Predix works towards creating a detailed model that encompasses the operations of the entire organization. Based on this information, it provides the right analytics that’ll help to improve the overall efficiency of operations.
GE’s foray into the Indian market augurs well for both the company as well as its Indian consumers. The capital good market in India is estimated to be worth around $42 billion. However, the last few years has seen a lag in this sector, as the total production increased only by 1.1%. This slow growth is not only due to lowered demand from the domestic market, but also because of inefficiencies plaguing the industries. To improve efficiency and reduce the cost of operations, technology is the way forward, and IIoT can play a crucial role to bridge this gap. In this sense, the entry of GE’s Predix maybe the silver lining that the Indian market needs to spruce up its efficiency and improve its production.
For GE too, the Indian market is important simply because it’s too large to be missed. Firstly, manufacturing is still a staple part of the Indian economy, unlike US and other markets that have moved towards a service economy. Secondly, India is known for a young and educated population, and a booming economy – the perfect recipe for an explosive increase in the demand for goods and services. As industries are poised to meet this demand, they need advanced analytics, and this is where GE’s Predix fits in. As the demand for industrial product grows, so will the need for predictive software, and all this means GE is possibly on the verge of stepping into a gold mine.
Despite this optimism and the benefits for both the parties, there are still some roadblocks. First off, much of the Indian market is fragmented, and many industries are dominated by a bunch of small players. Reaching out to these smaller companies maybe a difficult task for GE, as the funds available for technological innovations may be limited for smaller companies. Secondly, technological adaptation and the mindset to break away from traditional manufacturing practices may take some time, and GE should be ready for this waiting period. Thirdly, there is still a substantial amount of rigid bureaucracy and corruption in India, and this can complicate implementation.
Despite these roadblocks, the entry of Predix can augur well for everyone involved, though it may take some time for the benefits to materialize.
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